Following the launch of its office-based metal AM system with Rapidia, the ExOne Company, North Huntingdon, Pennsylvania, USA, has announced its preliminary fourth-quarter 2020 financial results and 2021 outlook.
The company expects Q4 2020 revenue of $17 to $17.5 million, reflecting year-over-year growth of 10% to 12% for the full year 2020. Fourth-quarter gross margin is expected in the range of 21% to 22%, as the operating landscape continues to present various challenges to ExOne’s business model, primarily due to the coronavirus (COVID-19) pandemic. For the full year, total liquidity nearly tripled year-over-year to $60 million at December 31, 2020.
Based on a refreshed and expanded product lineup, as well as increased investments in sales and marketing, the company expects revenue growth in the range of 15% to 25% for the full year 2021.
“We are pleased to have achieved top-line growth in excess of 20% in the second half of 2020, particularly with the backdrop of COVID-19 and considering the challenges that other Additive Manufacturing peers reported over the last year,” stated John Hartner, ExOne CEO. “This performance reflects the strength of our Binder Jetting solutions and the execution of our global team.”
“We are excited about the opportunities ahead of us in 2021 as we continue to expand our product portfolio and deepen our engagement with industrial customers through the new ExOne Production Adoption Model,” Hartner continued. “Given our enhanced liquidity position and current market conditions, we believe 2021 is the right time to accelerate investments in our technology and commercial infrastructure to optimise our future growth.”
ExOne has not yet completed its financial and operating closing procedures for the fourth quarter and full-year 2020, including but not limited to, review of various accounting estimates, completion and review of reconciliations, and various other year-end closing procedures.
Additionally, the preliminary financial results stated have not been subject to complete audit, review or other procedures by the company’s independent registered public accounting firm. As a result, actual results may differ materially from the preliminary results shown above and will not be publicly available until the company reports its fourth-quarter and full-year 2020 results.
The company states that it plans to release these results after the close of financial markets on March 11, 2021, and has scheduled a conference call to review these financial results on March 12, 2021.